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Aurora Cannabis announces bought-deal financing, shares drop 16%

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Shares of Aurora Cannabis Inc. were lower in Thursday’s late trading session, after the company announced $125 million of bought-deal financing.

Under the terms of the deal, a group of underwriters led Canaccord Genuity and BMO Capital Markets agreed to buy on bought-deal basis 51.1 million units of the company for $2.45 per unit. The units will consist of one common share of the company and a warrant to buy a common share for $3.20.

Aurora said the deal will have gross proceeds of about $125.2 million.

Its shares were down about 16% in after-hours trading. The stock finished the day’s regular session with a 1.87% gain, closing at $2.93 per share.

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